TFSA Contribution Limit is Now ,000 For 2019

TFSA Savings

For 2019 the federal government is showing their gift giving spirits by upping the Tax-Free Savings Account (TFSA) contribution limit from $5,500 to $6,000.

Well, technically this isn’t a true gift, but an expected updated. You see, the TFSA limit was set at $5,000 on its debut back in 2009, but because it is indexed to inflation every year and rounded to the nearest $500, it has been long planned it would be at $6,000 in 2019. The only exception to this was back in 2015 when the Conservative majority government temporarily had the limit set to $10,000.

If someone, who was old enough, had never contributed to a TFSA before, then the cumulative room is now $63,500 come January 1, 2019.

Here is a look back at TFSA’s historic chart on how we got here:

YearTFSA Annual LimitTFSA Cumulative Limit
2009$5,000$5,000
2010$5,000$10,000
2011$5,000$15,000
2012$5,000$20,000
2013$5,500$25,500
2014$5,500$31,000
2015$10,000$41,000
2016$5,500$46,500
2017$5,500$52,000
2018$5,500$57,500
2019$6,000$63,500

Replies to this Post

  1. Gideon Richie

    Good to know. Haven't contributed into my TFSA (currently held at Questrade) in years. Honestly, i do wish the $10,000 limit returned. It was the last time i actually contributed. When it dropped i lost my motivation for whatever reason.

  2. Bradyn M

    People, just remember if you open/contribute to a TFSA investment account to be aware to limit foreign dividends. At least with USA dividends have a withholding tax (15-30%). Yikes! But then if your returns are much higher than its worth the risk.

  3. Scotty

    Yea thats great and all for those who can afford to lay money away for such a thing. 🙁

  4. Andrea Parcel

    Any descent savings accounts that have high TFSA interest rates? I'd do a GIC TFSA but the fear is the rate will drop or worse, i find a better rate but stuck locked in from moving.

  5. Neo

    Thanks for the reminder. Almost forgot to withdrawal so i can create a new tfsa at another stock broker. Cheers mate!

Leave a Reply

Your email address will not be published. Required fields are marked *